CapitaLand Investment (CLI) held above its net asset value (NAV) on its first day of trading. Investors were given one CLI valued at $2.823, and this value had risen to $2.93 by June 30. CLI ended at $2.95 on Sept 20. This is despite a one-day decline of 29 points in the Straits Times Index to end at 3,041, while the Hang Seng Index fell 821 points on Sept 20, to 24,099.

As a price check, ESR Cayman, a real estate invesment manager, has held up despite the sharp sell-off in Hong Kong. However, it has lost 13.4% this year, with most of the loss coming after the announcement that it plans to acquire ARA Asset Management for US$5.2 billion in a largely share deal, which minority investors were not happy with. In contrast to ESR Cayman’s steady performance, China Evergrande Group is down 83.9% this year.  

Some US$300 billion of China Evergrande Group’s obligation to creditors, businesses and bonds mature on Sept 23, and creditors are bracing for a default. In Singapore, Jardine Matheson Holdings and DBS Group Holdings were the top losers, which was not surprising given their significant businesses in Hong Kong.   

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